US unveils ‘economic onslaught’ against Iran

Iran’s top negotiator has dismissed the latest threat from Washington as empty “bombast” US Treasury Secretary Scott Bessent has announced new sanctions against Iran, and threatened to boot any country dealing financially with Tehran out of the US dollar system, in a bid to make Iran an “economic outcast.” The new sanctions target nearly 60 entities, individuals, and vessels in multiple jurisdictions that allegedly trade in “illicit nuclear and missile technology” with Iran, aid Iran’s “cyber operations,” and move Iranian oil, the US Treasury Department said in a statement on Monday.

More than a third of the sanctioned entities and individuals – 21 – are based in China.

The Treasury also said it had identified digital assets, technology, gold, aviation and shipping as areas for potential secondary sanctions.

Speaking at a press conference later on Monday, Bessent went further, announcing the beginning of “Operation Economic Outcast,” which he described as “an economic onslaught against Iran’s financial connections around the globe.” In the Second World War, D-Day marked the historic beginning of a campaign with our allies to target and drive the enemy from its positions, including those in third countries.

Today, in that same spirit, we are launching an economic onslaught against Iran’s financial connections… pic.twitter.com/1fLyobUucu — Treasury Secretary Scott Bessent (@SecScottBessent) August 24, 2026 Bessent explained that the US would penalize any country refusing to sever its economic ties with Tehran.

“Any entity that facilitates money laundering on behalf of Iran will be removed from the US dollar system,” he said, adding “the clock just started ticking.” Iran exports goods to 147 countries, and imports from 114, according to the most recent data from the World Bank.

Asked how the US intends to force three quarters of the world’s nations to cease trade with Iran, Bessent said that US President Donald Trump phoned multiple world leaders over the weekend “with specific requests to cease their interactions” with Iran, and that every country had been given “a defined timeline” to comply with his demands.

Read more Iran vows ‘not a single drop’ of oil will leave Gulf if region complies with US plan Bessent refused to share any more details, telling reporters that “we’re not going to name names,” nor was he “going to set timelines.” Pressed on whether Washington expected China – which is Iran’s largest trading partner – to abide by the sanctions regime, Bessent did not give a definitive answer.

“We find that the best way to engage with countries is through quiet diplomacy.

And we are level-setting with every country to tell them our expectations.

We know who they are.